Lic Csl
“Can a subsidiary of India's largest insurer build a relevant card and payments business on top of its existing distribution and customer base?”
HQIndia
IndustryFintech / Consumer banking
The story
LIC CSL (likely LIC Cards Services Limited, a subsidiary of Life Insurance Corporation of India) launched a RuPay prepaid gift card in partnership with IDBI Bank, signaling a move into prepaid card and payment products beyond its core insurance/financial services parentage. The evidence is thin and limited to a single product launch announcement, so the broader embedded finance strategy is not well-documented in public sources.
Last 12 months
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Product timeline
2023
LIC CSL launched a RuPay prepaid gift card product powered by IDBI Bank.· card
The stack
Banking / BaaS
Card issuing
Sponsor bank
Accounting gap: none